Governor Pritzkerâs bold action sets a new
standard for legalization efforts at the state level. The
legislation calls for sweeping criminal justice reforms, with over
770,000 cannabis-related cases eligible for expungement under the
act. The new law will automatically expunge convictions for
possession of up to 30 grams. It also contains a social equity
program, which aims to benefit those directly affected by the War
on Drugs. Social equity applicants will be awarded additional
points in the scoring system through which licenses are awarded and
will have resources for start-up costs made available to them. The
programâs 3R (Restore, Reinvest, and Renew) strategy encourages
community groups to develop programs to benefit disadvantaged
communities.

âCongratulations to Gov. Pritzker and the
Illinois legislature for taking the bold step to legalize adult-use
cannabis. The economic and societal benefits associated with
legalization are irrefutable and we look forward to working with
regulators to advance the programâs rollout,â said Adam Bierman,
MedMen Co-Founder and CEO. âOur pro forma footprint positions us to
become a leading cannabis retailer in the state. We believe our
industry-leading expertise in compliance and retail operations can
help create a safe, regulated and vibrant cannabis economy.â

The adult-use market in Illinois is projected to
generate approximately $2 billion in annual sales a few years after
the program launches in early 2020, according to Marijuana Business
Daily forecasts.1 The Illinois Economic Policy Institute
estimates that legalizing recreational cannabis in Illinois will
result in more than 23,000 new jobs.2

MedMen in Illinois

On October 11, 2018, MedMen announced an
agreement to acquire PharmaCann â one of the largest medical
cannabis operators in the state. PharmaCann currently serves nearly
80% of the Chicagoland market. The proposed transaction is
currently under regulatory review and the Company expects it to
close by the end of calendar year 2019. With this transaction,
MedMen expects to become a leading retailer in Illinois with a
total of ten store locations. Currently, MedMen operates one
medical dispensary located in Oak Park, which would be co-located
with adult-use sales, pending the necessary regulatory
approvals.

MedMenâs success in other states is expected to
serve as a blueprint for what the company will achieve in Illinois.
In California, MedMen enjoys a 7% market share in arguably the most
mature cannabis market in the U.S. There, in anticipation of
adult-use sales in January 2018, MedMen assembled a robust
multidisciplinary team, including experts in regulatory compliance,
legal, real estate, construction, retail and marketing, to ensure a
smooth and successful transition into an adult-use program. MedMen
believes this experience, along with its vision, expertise and
resources, will also allow it to quickly and efficiently scale in
Illinois.

Award-Winning Design and Customer
Experience

MedMenâs iconic stores are designed to create an
elevated, but accessible, consumer experience. Every MedMen store
is created to serve the needs of a wide range of shoppers, from the
âcanna-curiousâ to the experts. This innovative store design helps
break the stigma associated with cannabis. It is geared towards
bringing transparency, education and the highest quality products
to the consumer. Employees are highly-trained subject matter
experts who understand achieving an unsurpassed customer experience
is their top priority.

Job Creation in the New Cannabis
Economy

MedMen anticipates creating hundreds of local
jobs in Illinois, pending the opening of its ten total store
locations, following receipt of regulatory approvals and the
closing of the PharmaCann transaction.

ABOUT MEDMEN:

MedMen is a cannabis retailer with operations
across the U.S. and flagship stores in Los Angeles, Las Vegas and
New York. MedMenâs mission is to provide an unparalleled experience
that invites the world to discover the remarkable benefits of
cannabis because a world where cannabis is legal and regulated is a
safer, healthier and happier world.

Infuzes.com is the largest cannabis industry database with company profiles, an integrated smart tracker, and global analytics as a resource for cannabis professionals offering essential insights, also giving institutional and retail investors access to real-time, high-quality, reliable market and pricing data.